Hbar Foundation Joins OnlyFans Founder to Bid for TikTok

• Hbar Foundation and Tim Stokely submit a bid to acquire TikTok’s U.S. operations.
• Zoop aims to revolutionize TikTok with a creator-centric, revenue-sharing model.
• Potential Hedera blockchain integration could revolutionize content engagement on TikTok.

The Hbar Foundation joined Tim Stokely, the founder of OnlyFans, and submitted a bid for TikTok’s U.S. operations. The partnership, which includes Stokely’s new venture, Zoop, aims to take control of the popular short-video platform from its Chinese parent company, ByteDance. This development has raised eyebrows as the clock ticks down on the April 5 deadline for TikTok to comply with U.S. national security requirements.

Zoop’s Vision and the Role of the Hbar Foundation

Zoop, described as a family-friendly platform, distinguishes itself from Stokely’s previous venture, OnlyFans, which is known for adult content. The startup focuses on a revenue-sharing model that benefits content creators by redistributing earnings based on user engagement. According to Zoop co-founder RJ Phillips, the goal of their bid is not just to change ownership but to create a new ecosystem where creators and their communities can directly benefit from the value they generate.

The Hbar Foundation, which manages the treasury for the Hedera cryptocurrency network, adds a unique element to the bid. While specifics on how Hedera’s blockchain might integrate with TikTok remain unclear, the involvement of a cryptocurrency foundation introduces the possibility of incorporating blockchain technology into the platform. This could open new avenues for creators to monetize content or engage with their audiences through digital assets.

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The TikTok Deadline and Growing Interest from Other Bidders

The timing of this bid is critical, as TikTok faces a looming deadline of April 5 to either divest its U.S. operations or face a potential ban in the U.S. Also, the U.S. lawmakers have expressed national security concerns over TikTok’s ownership by ByteDance, fearing that the Chinese government could use it for surveillance or influence operations. In response, ByteDance has been exploring options to comply with U.S. demands.

Several other high-profile companies have also entered the fray with bids to acquire TikTok. Amazon recently submitted a last-minute offer, and other investors, including major non-Chinese stakeholders in ByteDance, have been discussing plans to increase their stakes in the app. Meanwhile, U.S. Vice President JD Vance has reportedly been overseeing the process, drawing attention from lawmakers and tech giants.

Under the new ownership, integrating the Hedera blockchain with TikTok remains uncertain, although this potential collaboration indicates a major change. One of the earliest applications of blockchain technology to manage a social media platform could emerge from this potential deal. Such integration would work along Zoop’s creator-focused operational blueprint while enabling creators to find new digital currency-based methods to monetize their content creation work.

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